70:05:03:08Loan security.

Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗

Rulemaking activity

• 70:05:01:01 – Terms • 70:05:01:02 – Meetings and quorum • 70:05:01:03 – Declaratory rulings • 70:05:01:04 – Approval of division action. • 70:05:01:05 – Adoption of guidelines for property management – Notice required. • 70:05:02:16 – Record of income • 70:05:03:01 – Definitions • 70:05:03:03 – Application requirements • 70:05:03:04 – Equity contribution • 70:05:03:05 – Permissible uses of loan proceeds • 70:05:03:06 – Factors for board action • 70:05:03:07 – Acceptance and time restrictions of applicant • 70:05:03:08 – Loan agreement • 70:05:03:09 – Borrower reporting requirements • 70:05:03:10 – Inspection of the borrower by the board and retention of records • 70:05:03:11 – Additional notification requirements • 70:05:03:12 – Maturity and interest rate • 70:05:03:13 – Review of financial status • 70:05:03:15 – Delegation of administrative functions • 70:05:04:01 – Deadline for submission of information for railroad tax credit – Application form – Information required.Effective

Loans may be secured by a guarantee or promissory note executed by the benefitted entity, liens on the interest of the borrower in all real and personal property, easements, rights-of-way, a commitment by the borrower to exercise taxing authority, and any other assets of the borrower considered necessary by the board to adequately secure the loan.

Source: 19 SDR 107, effective January 24, 1993; 49 SDR 47, effective November 21, 2022.

General Authority

SDCL 49-16C-3 ↗

Law Implemented

SDCL 49-16C-3 ↗

← 70:05:03:07 70:05:03:09 →